Regulatory Compliance
THE WORKS BlogCredit Union Compliance News & Views

Not So Fast…..

This year has definitely seen its changes in regulations. While we would all like to see less changes,  it would seem that the courts have now made a decision that could possibly create a change to a current rule.

Last week, a judge from the U.S. District Court for the District of Columbia ruled that the Federal Reserve “clearly disregarded Congress’s statutory intent by inappropriately inflating all debit card transaction fees by billions of dollars and failing to provide merchants with multiple unaffiliated networks for each debit card transaction.”

The judge has left the current rule in place for the time being.  The Fed will be required to issue new rules. These new rules will most likely not go into place until  additional briefings are made to determine the length of time the existing rule can stay in place.

While this rule does not apply to credit unions with assets under $10 billion, it could possibly effect your debit card programs.

Please stay tuned for the possibility of these changes down the line.

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